New York, NY – (Business Wire) ‐ Earlier today, the Coca-Cola Company (NYSE:KO) announced preliminary results of the shareholder vote at its annual meeting, which showed that nearly 20% of the votes cast were opposed to the resolution to approve executive compensation, compared with 9% a year ago.
David J. Winters, CEO of Wintergreen Advisers, said:
“Last year, Wintergreen challenged Coca-Cola’s pay practices and helped stop management’s big grab for excessive compensation. It is gratifying to see that a year later even more investors have grown impatient with executive compensation that rewards failure.
“The vote should pressure the Coca-Cola board to not only reform pay practices further but to move faster on fixing Coca-Cola’s business. Companies across the consumer sector are dramatically restructuring – when will Coca-Cola take the aggressive steps needed to restore profit growth?”